VF Corp. shares gain some 5% Monday after the Vans brand logged a 26% revenue increase. VF Corp. Inc. has about two dozen brands beneath its umbrella, including Timberland, The North Face, Wrangler and Dickie’s, but it’s the Vans brand of sneakers that was the earnings driver for the third quarter.
VF Corp. shares closed up 5.4% in Monday afternoon trading after the company reported adjusted earnings of $1.23 per share and revenue of $3.51 billion, both beating estimates.
While there was a slowdown in big brands like Timberland—due to a shift in the timing of the fall order book—and a lack of visibility in the U.S. jeanswear business, the Vans brand had “record-setting growth,” according to VF Corp. Chief Executive Steven Rendle.
Vans reported a 26% revenue increase for the quarter, helped by a more than doubling of sales for the iconic black-and-white checkerboard and Old Skool designs, a new franchise, called UltraRange, that beat expectations during the back-to-school period and a new “aspirational boutique” known as The General opening in Brooklyn.
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